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US Online Gambling Market to Grow 51% By 2020
WILL U.S. ONLINE GAMBLING MARKET GROW 51 PERCENT BY 2020?
New figures from research group Technavio make some bullish predictions.
A teaser press release from the independent research firm Technavio predicts that the online gambling market in the US will grow at an impressive CAGR (compound annual growth rate) of more than 51 percent between 2016 - 2020.
To calculate the market size, the report considers the revenue generated from legal online casino, betting, and lottery segments in the United States, along with primary market growth drivers, challenges faced by vendors and the market as a whole, and key trends emerging in the market.
In 2015, the US was ranked 8th in the global online gambling market, positioned after China, the UK, Australia, France, Italy, Germany, and Spain, Technavio claims, noting that whilst only three US states currently permit online gambling, more than five are likely to legalise the genre by 2020.
If online gambling is legalised, the tax contribution to the national revenue will grow significantly, and more joibs will be generated.
"The popularity of computing and mobile devices, especially among the younger generation, is the main reason for the extended reach of online gambling market in the US," Technavio reports.
"Mobile ads are one of the strongest mediums of advertising, which reaches the untapped group of the population that refrain from going to a casino or a bar where betting is allowed, and influences them to try online gambling."
The study found that in the United States, the average age of an individual visiting a casino is 45 years, whereas the average age of an online gambler is 34 years.
"The increasing presence of a younger population on the online gambling platforms will be one of the significant factors driving the growth of the market during the forecast period,” the research company opines.
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